CHICAGO — Hunt Real Estate Capital has provided a $6.2 million bridge loan for the refinancing of 5009 Ashland Avenue in Chicago. Built in 1918, the multifamily property consists of 31 units. The Greenwald Company was the borrower. Approximately $1 million of the loan will be allocated for future funding of capital improvements. Planned interior upgrades include refinishing and staining hardwood floors, replacing carpet in common areas and replacing appliances. Terms of the loan were not disclosed.
LAKE BARRINGTON, ILL. — Brown Commercial Group has brokered the $2.6 million sale of a 32,000-square-foot industrial property in Lake Barrington, about 40 miles northwest of Chicago. The buyer, PEGA LLC, will use 10,000 square feet of the building for its own industrial business while an existing tenant will lease the remaining 22,000 square feet. Freund Properties LLC was the seller. Jim Pietrarosso represented both the buyer and the seller in the transaction. The fully leased building features four docks and drive-in doors as well as 9,100 square feet of office space.
HAMPSHIRE, ILL. — Realty Metrix Commercial has brokered the sale of a 50-acre industrial development site in Hampshire, about 40 miles southeast of Rockford. The sales price was not disclosed. The buyer, RMC Holdings Hampshire LLC, plans to develop Metrix Industrial Park. The site is located at the northwest corner of I-90 and Route 20. The park will cater to users in the trucking and cartage industries and is adjacent to a 33-acre Love’s Travel Stop that is currently under construction. Completion of the industrial park is slated for fall 2019.
NORTH RIVERSIDE, ILL. — Marcus & Millichap has arranged the $2 million sale of an 18-unit apartment property in North Riverside, about 12 miles west of Chicago. The two-building property is located at 2628-2640 Desplaines Ave. Recent capital improvements included new finishes as well as updated windows, doors, roofing, hot water heaters, boilers, and air conditioners. Andrean Angelov, Ryan Engle and Samuel Antreasian of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the private buyer.
CHICAGO — Interra Realty has brokered the sale-leaseback of Monroe Pavilion, a four-story skilled nursing facility in Chicago’s West Loop, for $6 million. The property is located at 1400 W. Monroe Ave. David Goss and Lucas Fryman of Interra represented the buyer, JK Equities, which plans to repurpose the building but has not yet disclosed specific plans. Jon Morgan and Colin O’Malley of Interra represented the seller, Symphony Post Acute Network, a provider of post-acute care.
CICERO, ILL. — Bridge Development Partners has sold Bridge Point 290 Business Park in Cicero for an undisclosed price. Cabot Properties purchased the industrial development, a large portion of which is currently under construction. When completed, the development will total 899,278 square feet across three buildings. In March, Bridge delivered the 323,343-square-foot Building 1, which is fully leased to Royal Box Group. Buildings 2 and 3 are slated for completion in August 2019. Michael Caprile, Ryan Bain and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the sale. Steve Connolly and Mark Moran of NAI Hiffman are marketing Buildings 2 and 3 for lease.
WHEELING, ILL. — Two new restaurants have signed leases at Wheeling Town Center, which is slated to open in early 2019. Meat and Potato Eatery and Eggsperience will occupy 4,000 square feet each and provide outdoor seating for patrons. Both restaurants have other locations in the Chicagoland area. The retail portion of Wheeling Town Center is now 83 percent leased. Previously signed tenants include City Works Eatery and Pour House, Mia’s Cantina, Starbucks, Inland Bank, CMX Cinemas, 312 Nails & Spa and The Learning Experience. The Lynmark Group is the developer for the mixed-use project.
UNIVERSITY PARK, ILL. — The Philipsborn Company has arranged a $1.2 million loan for the refinancing of Burnham Oaks in University Park, about 30 miles south of Chicago. The 59-unit apartment building is situated on 2.2 acres at 745 Red Oak Lane. Constructed in 1975, the property is fully leased and managed by Lincoln Way Management. Andrew Philipsborn arranged the loan on behalf of the borrower, an Illinois limited partnership that has owned the property since 1981. Innovative Capital Advisors provided the loan.
MCCOOK, ILL. — Assemblers Inc. has renewed its lease for 353,322 square feet of industrial space in McCook, a southwestern suburb of Chicago. The private assembly and contract packaging company fully leases the building at 8601 W. 47th St. The company has occupied the space since 2016. Built in 2015, the property features a clear height of 32 feet. Geoffrey Kasselman of Newmark Knight Frank negotiated the lease transaction, which included tenant improvements such as more power to support additional cooler and freezer areas, on behalf of Assemblers. Heitman Capital Management is the landlord.
CHICAGO — Westwood Financial has purchased Clybourn Galleria in Chicago’s Lincoln Park neighborhood for an undisclosed price. The 24,601-square-foot retail center is located at 1841-1847 N. Clybourn Ave. Constructed in 2005, Clybourn Galleria is fully leased to tenants such as Natuzzi Italla Furniture, Jos. A. Bank, SWEAT, Massage Envy, Amazing Lash, Smartchoice MRI and Red Wing Shoes. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Newport Capital Partners.